Good day, ladies and gentlemen. Thank you for standing by, and welcome to GameHouse's fourth quarter and full year of fiscal 2026 earnings conference call. Currently, all participants are in listen-only mode. Later, we will conduct a question and answer session, and instructions will follow at that time. As a reminder, we are recording today's call. If you have any objections, you may disconnect at this time. I will now turn the call over to today's speaker host, Ms. Ali Wong. Ali, please proceed.

Thank you, operator. Hello, everyone. Thank you all for joining us on today's conference call to discuss the financial results of Gamehouse for the fourth quarter and full year of fiscal 2026. We released our earnings results earlier today. The press release is available on the company's website as well as from Newswire Services. On the call with me today are Mr. Brian Xie Feng, Chairman of the Board, Mr. Carl Cai Yimin, Chief Executive Officer, and Mr. Shawn Zhang, Head of Capital Markets and Investor Relations. Brian will review business operations and company highlights, followed by Shawn, who will discuss detailed financial results. They will all be available to answer your questions during the Q&A session. Before we proceed, I would like to remind you that this call may contain forward-looking statements which are inherently subject to risks and uncertainties that may cause actual results to differ from our current expectations. For detailed discussions of the risks and uncertainties, please refer to our filings with the SEC. Also, please note that unless otherwise stated, all figures mentioned during the conference call are in U.S. dollars. With that, I would like to introduce our Chairman, Brian. Brian will deliver his remarks in Chinese and I will follow up with corresponding English translation.

Please go ahead, Brian.

Good day, everyone, and thank you for joining GameHouse conference call for the fourth quarter and full year of Cisco 2026.

Fiscal year 2026 was GameHouse's last full fiscal year under its previous business model.

Earlier in August, we announced a strategic transformation for the company. This quarter marks the beginning of the execution phase of that transformation. As a result, today's discussion covers both our operating performance before the decision was made and the initial financial implications of the transformation.

For the full fiscal year 2026, total revenue was $104.7 million, and net income was $3.9 million.

In the fourth quarter, total revenue was $24.3 million, within our previously announced outlook range of $23 million to $26 million, and net income was $0.9 million.

In the current industry environment, we observe that the customer economy in the leisure category has undergone a structural change. The growth and long-term stagnation of the mature market is due to the deterioration of the fixed energy. The purchase volume environment has entered a state of stock. These factors have also compressed the space for issuance. This is not a matter of a certain product or a certain season, but a long-term change in the business model. Based on this judgment, we decided to adjust the resource configuration in time. are actively investing in the new direction of AR deep-layer technology.

Against the current industry backdrop, we have seen a structural shift in the economics of user acquisition for casual games. The player base in mature markets has remained stagnant for an extended period, while platform attribution and targeting capabilities have continued to weaken. At the same time, competition for user acquisition has increasingly become a zero-sum game within a largely fixed pool of users. Together, these factors have continued to compress margins in game publishing. We do not view this as an issue with any single title or any particular quarter. Rather, we believe it reflects a longer-term change in the environment surrounding this business model. Based on this assessment, we decided to proactively adjust our resource allocation and redirect more resources towards new opportunities opened up by generative AI.

will be managed by cash flow and profits. The amount of investment will be redistributed according to the return level between the products. This adjustment will start in July. Therefore, the period covered by this financial report has not yet reflected its impact. We expect the flow of pure business will gradually shrink. This will be reflected in the guidance we will give in the next quarter.

In terms of execution, beginning this quarter, we have changed the way we manage our existing portfolio of casual and social casino mobile games with a greater focus on cash flow and profitability. User acquisition spending will also be reallocated across titles based on expected returns. We began implementing these changes in July, so their impact is not yet reflected in the period we are reporting today. We expect revenue from our existing portfolio to gradually decline, and this is reflected in the outlook we will provide later for the next quarter.

本季度的月银书记已经体现出CE管理方式的方向。 第一季度日均活跃用户与月均活跃用户较商年同期有所下降, 但单日活跃用户平均收入由0.517美元提升至0.577美元。 Our operating metrics this quarter already reflect those shifts in focus. While both DAUs and MIUs declined year over year in the fourth quarter,

ARP DAU increased 11.6% to $0.577 from $0.517. An average daily payer conversion improved to 2.5% from 2.3%. As we execute this strategic transformation, we will remain focused on improving the quality of our operations, maximizing the value of our existing player base, and maintaining a strong player experience.

At the same time, the company's financial situation and cash reserves remain stable. As of June 30, 2026, the company holds cash and cash deposits of $17.6 million, which is an increase of $15.2 million from the previous fiscal year. The company continues to achieve profits in this fiscal year, increasing cash reserves and implementing a stock return plan at the same time. We believe that the company's current financial situation has provided a solid foundation for us to complete this strategic transition.

At the same time, our financial position and cash reserves remain solid. As of June 30, 2026, we had $17.6 million in cash and cash equivalents, up from $15.2 million at the end of the prior fiscal year. During the fiscal year, we remained profitable, increased our cash reserves, and continued executing our share repurchase program. We believe our current financial position provides a solid foundation for executing the strategic transformation.

are the main reasons for the increase in net profit. This will improve the level of purchase and investment, which is a structural improvement, and will continue to increase and expand as the DTC ratio continues to increase. DTC is one of the few directions that we continue to invest in the stock combination. The company's goal is to increase the overall DTC channel ratio by more than 20% before December 31, 2026.

As we manage our existing business under this new approach, we are also continuing to increase our DTC penetration. By the end of the fiscal quarter, our company-wide DTC revenue mix had reached 16.2%, up further from the previous quarter. DTC reduces platform commissions and directly improves growth margin for our gains, driving the year-over-year improvement in growth margin this quarter. Importantly, This improvement does not depend on the level of our user acquisition spending. It is structural in nature and should become more meaningful as DTC penetration continues to increase. DTC remains one of the few areas where we continue to invest across our existing portfolio. Our goal is to increase overall DTC penetration to more than 20% by December 31, 2026.

Regarding the new direction mentioned earlier, I would also like to explain the current progress. This year, the company has completed a minority equity investment in the early AI game production studio. Since June, we have completed the complete production process with the team and identified the link between the current production capacity and the current work focus is to determine the product form of the market. Let me also briefly update you on the new direction I mentioned earlier.

During the fiscal year, we made a minority investment in an early-stage AI game generation studio. Since June, we have worked with the team to validate the end-to-end production process and identified areas that current generative capabilities cannot yet handle. Our current focus is on determining the right product format to bring to market. This work is still at an early stage, and we are not providing specific product targets or timelines at this point. We will share an update when we have meaningful progress. At the same time, we're closely evaluating opportunities for AI-generated content in other areas of our business with the goal of developing new growth drivers as quickly as possible and over time becoming an AI-driven global content production and distribution platform.

At the same time, the internal AR ability construction of support transformation is also being promoted at the same time. At the end of June, 2026, the company officially launched the GameHouse AR Agent system. This is a set of company-level AR unified access and governance platforms deployed on the company's free server to provide all employees with unified high-level model intervention, split management and full network monitoring. Currently, more than 10 domestic and foreign models have been introduced, On July 16, the system increased the coverage rate for all employees in the company by 70% and the management cost of this system was reduced by 6.6%. Some of them are from the improvement of the efficiency of AI tools in administrative intelligence applications. In terms of self-proclaimed tools, the company continues to build internal data and central platform infrastructure in this year, including real-time input data system, internal data interface service, and data warehouse building capabilities. At the same time, we have added AR advertising video production tools and added video evaluation and testing mechanisms to improve the efficiency and quality of material production. Looking forward to the future, the combination and transformation direction, our focus will be to convert the use of coverage into the use of depth, to divide the AR ability from personal tools into renewable organizational infrastructure, and extend it to more specific business segments.

In parallel, we are building the internal AI capabilities needed to support those transformations. At the end of June 2026, we officially launched the Gamehawk AI Agent System. This is a company-wide AI access and governance platform deployed on our own servers. It provides employees with centralized access to high-quality AI models, tiered usage limits, and end-to-end monitoring. and currently integrate more than 10 domestic and international models. As of July 16, adoption of the new system had reached 70% of employees across the company. G&A expenses declined 6.6% year-over-year this quarter, partly reflecting efficiency gains from the use of AI tools across our administrative functions. For our self-developed tools, Throughout the fiscal year, we continued to build out our internal data and shared technology infrastructure, including real-time advertising data systems, internal data interface services, and data warehouse capabilities. We also continued to enhance our AI-powered ad video generation tool and added video evaluation and validation capabilities to improve both the efficiency and quality of creative production. Looking ahead, in line with our strategic transformation, our focus will be on moving from broad AI adoption to deeper usage, turning AI from a collection of individual productivity tools into reusable organizational infrastructure, and extending these capabilities into more specific areas of our operations.

In terms of shareholding returns, as of June 30, 2026, the company has accumulated a return of about 518,000 shares of ADP, a total amount of about $600,000. On August 27, the board approved the extension of the current $5 million shareholding plan for a year until August 28, 2027. turning to shareholder return. As of June 30th, 2026, we had repurchased approximately 518,000 Class A ordinary shares for approximately $600,000. On August 27th,

our boards approved a one-year extension of the existing $5 million share repurchase program through August 28, 2027, with all other terms remaining unchanged. Our decision to continue the program as we enter the execution phase of our strategic transformation reflects our confidence in the company's financial foundation and long-term value.

Taking into account our new approach to managing the existing business as part of our strategic transformation, we expect total revenue for the first quarter of fiscal year 2027 to be in the range of approximately 20 million to 23 million dollars.

Now, I will turn the call over to Sean to walk you through our financial performance.

Thank you, Brian, and hello, everyone. I will now walk through our financial results in more detail for the fourth quarter and the full fiscal year 2026, which ended June 30, 2026. Please note that all figures are in U.S. dollars and all comparisons are made on a year-over-year basis unless otherwise stated. Let me start with our fourth quarter revenue performance. Total revenue for the quarter was $24.3 million, a decrease of 20.8% from $30.7 million in the same period last year. As Brian mentioned, During the quarter, we continued to take a disciplined approach to user acquisition spending and adjusted our marketing strategy in response to changes in the market environment. At the same time, we continued to improve monetization efficiency through ongoing content optimization and targeted live ops initiatives. Revenue remained broadly in line with our expectations. Looking at the revenue breakdown, in-app purchases revenue was 21.7 million, down 22.2 million percent from 27.9 million a year ago. Advertising revenue was 2.6 million compared with 2.8 million in the previous year period. Improvements in ARPDAU and payer conversion reflected our continued progress in monetization efficiency and helped partially mitigate the impact of lower user volumes. For the full fiscal year 2006, revenue totaled $104.7 million, a decrease of 11.4% from $118 million in the previous fiscal year. The full year decline was mainly driven by the same factors we discussed for the quarter. as we became more selective in user acquisition spending and continued to refine our marketing approach across our portfolio. In-app purchase revenue was $94.5 million, down 11.2% from $106.3 million in the previous fiscal year. while advertising revenue was 10.2 million compared with 11.7 million last year. Moving on expenses, total operating costs and expenses were 25.1 million, a decrease of 14.4% from 29.3 million in the same period last year. Reflecting our continued focus on operating efficiency and discipline resource allocation, Cost of revenue decreased 17.4% to 12.0 million, mainly due to lower platform commission expenses and reduced profit-sharing payments to game developers as certain mature titles move further along in their life cycle. R&D expenses were 1.5 million compared with 1.4 million a year ago. The modest increase reflected our continuing investment in game development projects already underway and related R&D initiatives. Selling and marketing expenses were 10.2 million compared with 11.8 million in the per year period. The decrease was mainly driven by lower advertising spend, reflecting our continued efforts to improve marketing efficiency. G&A expenses were $1.4 million, a decrease of 6.6% from $1.4 five million a year ago. The improvement reflected lower personnel costs and efficiency gains from the increasing adoption of AI-enabled tools across our administrative functions. For the full fiscal year 2026, total operating costs and expenses were 103.3 million, a decrease of 9.9% from 114.7 million in the previous fiscal year. This reflects our disciplined cost management in the challenging environment. Cost of revenue declined 11.4% to 49.5 million reflecting lower platform commission expenses and reduced profit-sharing payments to game developers as certain mature titles move further along in their lifecycle. R&D expenses were 6.3 million, up 11.4% from 5.7 million, reflecting our continued investment in game development and related R&D initiatives. Selling and marketing expenses were 41.0 million, down 15.2% from 48.4 million, mainly due to a 7.3 million reduction in advertising spend on player acquisition and retention as we maintain a disciplined approach to marketing investment. G&A expenses were $6.4 million, up 36.5% from $4.7 million in the previous fiscal year. The increase primarily reflected higher personnel costs and continued investment in our public company infrastructure and our organizational capabilities. This increase was partially offset by half count reductions and efficiency improvements during the fourth quarter. Moving down the income statement, operating loss for the quarter was 0.8 million compared with operating income of 1.4 million in the same period last year. Operating margin was negative 3.1% compared with positive 4.6% a year ago. For the full fiscal year 2036, operating income was 1.4 million compared with 3.4 million in the prior fiscal year. Operating margin was 1.3% compared with 2.9% last year. Other income net was 1.6 million compared with 0.1 million in the prior year period. For the full fiscal year 2036, other income net was 2.5 million. compared with 0.6 million in the prior fiscal year. Net income was 0.9 million compared with 1.5 million a year ago. Net income attributed to game house shareholder per ordinary share was 0.02 compared with 0.03 in the prior year period. For the full fiscal year 2036, net income was 3.9 million compared with 3.8 million in the prior fiscal year. Nine income attributed to game house shareholders per ordinary shares was 0.08 in both fiscal years. We ended fiscal year 2006 with 17.6 million in cash and cash equivalents, with 15.2 million as of June 30th, 2025. including short-term and long-term investments. Our combined cash and investment balance was approximately 25 million. We believe this provides a solid foundation to support our operation and future initiatives. Turning to capital allocation, as a reminder, our board approved a one-year extension of the existing 5 million US dollars share repurchase program. extending it through August 28th, 2027. As of June 30th, 2096, we have repurchased approximately 518,000 Class A ordinary shares for approximately 600,000 US dollars. Going forward, we will continue to evaluate and repurchase activity based on market conditions, share price performance, and our broader Capital Allocation Priorities. Looking ahead, as Brian mentioned earlier, for the first quarter of fiscal year 2007 ending September 30th, 2026, we expect total revenue to be in the range of approximately $20 million to $23 million. To wrap up, Fiscal year 2006 was a year of disciplined execution and continued investment in our long-term capabilities. While we made deliberate adjustments to our investment approach, we continued to improve monetization efficiency, maintain cost discipline, and strengthen our financial foundation. As we enter fiscal year 2077, we remain focused on executing our strategic transformation, managing our existing portfolio with greater emphasis on cash flow and profitability, advancing our AI-related initiatives, and maintaining a balanced approach to profitability, capital allocation, and long-term growth. With that, we are happy to take your questions. Operator, proceed.

We will now begin the question and answer session. To ask a question, you may press star then 1 on your telephone keypad. If you are using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, Please press star then 2. Additionally, when asking a question, please state your questions in Chinese first, then immediately translate them into English for the convenience of everyone on the call. Again, it is star then 1 to ask a question. At this time, we will pause momentarily to assemble our roster. The first question comes from Ronghua with Jinyu Asset. Please go ahead.

Hello, Manager Teng. I have two questions for you. The first question is, I noticed that Manager Teng just mentioned that the company has completed the verification of the AI game production end-to-end production process. I would like to ask, what are the next key steps needed to promote relevant products into the commercialization stage? The second question is, Hello, management. I have two questions. The first one is management just noted that the company has completed validation of its end-to-end AI game generation process. What are the key steps that still need to be completed before these products can move into commercialization? My next question is, we note that full-year operating income was $1.4 million, while the net income was $3.9 million. with the difference coming largely from other income. At the same time, the company is directing resources toward a new area that does not yet generate a revenue. How long does the company believe its current cash reserves can support this transition, and will the company need to raise external financing? That's my question. Thank you.

Okay, thank you for your question. I will now answer the first question. Currently, the company's AI game production has completely completed the production process of a whole end-to-end production process. For relatively simple and leisurely games, we can basically complete the production of a game in a week. It has been fully verified in terms of production efficiency. In the next stage, our focus will mainly be on the player experience. including the design of the levels, the difficulty of controlling them, and other key elements to ensure that the product is not only fast, but also good. At the same time, it is very important to find the gameplay that the market can accept, because no matter how the game is produced, it has to face the players. Fun is the premise of all commercialization, so to discover the real interesting gameplay is also one of our core subjects. Thank you for your question. Let me take your first question.

We have now fully validated the end-to-end production pipeline for AI generated games. For casual titles with relatively simple mechanics, a complete game can essentially be produced within one week, which fully demonstrates the efficiency of the pipeline. In the next phase, our focus will shift primarily to refining the player experience including level design, difficulty curve calibration, and other key elements to ensure that our products are not only produced quickly but produced well. At the same time, identifying gameplay prototypes that the market genuinely embraces is critical. Games ultimately have to win over players, and being fun is the prerequisite for any commercialization. Discovering gameplay that is truly engaging is therefore one of our most important priorities at this stage. In the second half of the year, the company will continue to test and validate across a range of game genres. On one hand, for established traditional gameplay, we will use AI to bring products to market with greater efficiency and to operate them at lower cost. On the other hand, we will also actively explore AI-native gameplay with the ambition of creating an entirely new game experience for the AI era.

Thank you, Ms. Huarong. I'm Sean. Let me answer your second question. First of all, from the absolute level of cash, as of June 30, 2026, the company now has cash and cash-related items about $17.6 million, which is $15.2 million higher than last year. In fact, we can see that our revenue may have dropped by 11.4% in the past year. The company's cash position has not gone down, and it has remained in a relatively plentiful position overall. I think this shows that in the past year, as we continue to observe the market changes in the real estate business, have also maintained a relatively cautious attitude towards operations. Secondly, I think that our limited-sum leisure and social media games are mature products. Their user base is stable, and the income is predictable. From this quarter onwards, we have managed these products with the goal of managing cash flow and returns, which is also to ensure that they continue to produce cash returns in a stable manner. There is a lot of investment in the transformation period. I think this part of the cash will support it. The company's plan is to focus on cash storage and the development of the new direction of AI production content. This is also the reason why we changed the storage group and management method. To operate this group of mature products as stable cash sources is to allow these cash to support our new direction of construction.

In terms of rhythm, I think we will

will invest in each stage according to the progress of the direction of verification, rather than opening it up at once. As the verification progresses, the size of the investment will increase accordingly. We will explain to the market when there is progress. Regarding the financing you mentioned, I think the company will continue to evaluate various tools of the capital market. Thank you, this is Sean. Let me take your second question. Starting with the absolute level of cash, as of June 30th, 2026,

the company held cash and cash equivalents of $17.6 million, up from $15.2 million at the end of the prior fiscal year. As you can see, in a year in which revenue declined 11.4%, our cash position increased rather than decreased and remains at a fairly ample level overall. This reflects the fact that over the past year, while we continue to monitor the changing market conditions facing our legacy business, We maintain a relatively prudent approach to running the company. Second, our legacy casual and social casino games are a set of mature products with a stable user base and predictable revenue. Managing this portfolio for cash flow and return, which we began this quarter, is precisely intended to make it generate cash on a consistent and stable basis. Much of the investment required during that transition will be funded from that cash. and the company plans to direct its cash reserves primarily toward developing this new direction in AI-generated content. That is also the reason we changed how we manage the legacy portfolio. Operating these mature products as a stable source of cash is what enables that cash to support the build-out of the new direction. In terms of pacing, we will deploy capital in stages as the direction is validated rather than committing everything at once As validation progresses, the scale of investment will increase accordingly, and we will update the market as substantive progress is made. As for financing, the company will continue to evaluate the range of capital market pools available to it and make financing decisions based on the interests of shareholders and the company's broader development needs. We have no financing arrangements to report at this time. This is my answer.

Thank you.

The next question comes from Ji Li with Zhisheng Securities. Please go ahead.

Thank you, Manager Chen, for accepting my question. I am Li Jie from Zhejiang Stock Exchange. I have two questions for Manager Chen. The first is that the company has mentioned that from the beginning of July, it will manage the existing product combinations in a new way. How will this change affect the overall income and profit performance of the company in the coming few seasons? Now I'm translating myself. I have two questions. The first one is the management mentioned that the company began managing its existing project profile under a new approach starting in July. How is this change expected to affect revenue and profitability over the next several quarters? and second one is the company's first quarter fiscal 2027 revenue guidance is 20 million to 23 million U.S. dollars, which implies a further decline at the midpoint from 24.3 million U.S. dollars this quarter. With the legislation business continuing to contract and the new direction not generating revenue, how should investors think about the coming further revenue level? Thank you.

OK, thank you for your question. I will answer this question from two aspects. First, at the end of revenue, with the company's strict control over the current product set-up in July, we expect the current product set-up's revenue to be reduced to a certain degree in the next two to three months. In this regard, the company will also improve the performance of building income from both sides. One is to continuously improve the revenue ratio of DTC channels to optimize the cost structure of the entire channel. The second is to surround the amount of old users. We will carry out more detailed operations that fit their needs. to improve the flow of long-term users and the depth of payment. In terms of cost, the company will continue to strictly control the scale of promotion and promotion, focusing on products with shorter recovery cycle and higher efficiency. Thank you for your questions. On the revenue side, with the more prudent and disciplined control over marketing spend that we have applied to the existing portfolio since July,

We expect revenue from this portfolio to see some degree of moderation over the next one to two quarters. To improve our revenue performance, we are working on two fronts. First, continuing to increase the share of revenue coming from our direct-to-consumer channels in order to optimize our channel cost structure. And second, carrying out more refined operations tailored to the needs of our existing user base so as to improve retention and monetization depth. On the cost side, we will continue to exercise strict discipline over the scale of our marketing spend, concentrating on campaigns with shorter payback periods and higher efficiency while steadily advancing the optimization of operating costs. We expect these measures to effectively offset the impact of the revenue moderation and to drive an overall improvement in profitability.

Thank you, Mr. Li Jie.

I'm Shawn. Let me answer your second question. I understand the essence of your second question. I actually want to ask where is the bottom line of the bottom line of the original business? And where does the top-line dynamic energy come from? I want to answer this in three levels. The first is a contraction of our guidance this time. I think it is completely the same as our direction of strategic adjustment to the stock market. Right? Just now, Carl answered the first question very clearly. I think this place is not going to expand further. So we hope that the market will evaluate our future income when we understand the combination of our stock to become a curve that we take the initiative to manage, rather than such a curve of passive decline. On the second hand, I would like to explain a little background. and others. If you are interested, you can take a look. Even in the period when our business strategy has not been adjusted yet, the management of the company has already observed the pressure of further growth. We can see that the scale of the mature market is shrinking, and the ability of the platform strategy to sound and set the box continues to deteriorate. The session of buying and selling have also entered a part of the storage competition. In other words, we believe that this shareholder business is not caused by strategic adjustment, but by objective conditions. Continuing to invest in the original path to bring sustainable growth can be said to be relatively difficult. Therefore, in this judgment, the company's work focus is to find a path to return to growth. The third direction is about the source of this growth. I think it can be said very confidently that the future growth of the company will definitely come from the new energy generated by the AI production content business. We are currently at the point of the new energy transition. We do not avoid the fact that the existing business will continue to shrink. This is Sean. I will take your second question. I take the essence of the question to be where this declining curve bottoms out and where the upward momentum comes from.

Let me address it in three parts. First, this guidance is fully consistent with the strategic adjustment we are making to legacy business. Carl covered this fairly clearly in his answer to an earlier question, so I will not go into further detail here. What we would ask is that the market read the legacy portfolio as an actively managed curve rather than a passively declining one when assessing our future revenue. Second, I would like to provide some context. Looking back over the past several quarters, management had already observed mounting pressure on future growth, even before any change in business strategy. The player base in mature markets has been contracting, platform-side attribution and targeting capabilities have continued to weaken, and user acquisition has become a zero-sum contest. In other words, it is not that a change in strategy caused the legacy business to contract. Rather, given the objective conditions, it would be quite difficult to deliver sustainable growth by continuing to invest along the prior path. Based on that assessment and out of a sense of responsibility to our investors, the company's priority must be to find the route back to growth. Third, on where that growth will come from. We can say with confidence that the company's future growth will come from the new momentum of the AI-generated content business. We are currently at the transition point between old and new sources of momentum. We do not shy away from the fact that the legacy business will continue to contract. At present, our primary focus is on laying the groundwork to establish our second growth curve as quickly as possible. That work is underway. and we look forward to reporting related progress to the market in the near future. That's my answer to your second question. Thank you.

There are no additional questions at this time. I will now hand back to the management team for any closing remarks.

Thank you, operator, and thank you all for participating on today's call, and thank you for your support. We appreciate your interest and look forward to reporting to you again next quarter on our progress.

Thank you. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.